The long run is
A)A period longer than one year.
B)The period required to produce a unit of the firm's output.
C)A period long enough for all inputs to be variable.
D)Approximately one year.

Question

Quizplus · Accepted Answer

The long run is a period long enough for all inputs to be variable, meaning that a firm can adjust all of its resources - labor, capital, technology, etc. - in order to optimize its production process. This period is not defined by a specific length of time but rather by the ability to modify all inputs. Therefore, options A, B, and D can be ruled out.

The Long Run Is